UBL's profits struck by half on account of larger provisions and pension liabilities

Sep-18

Sep-17

% Change

Mark-up/return/interest earned

                     86,991,106

                     80,621,771

7.9%

Mark-up/return/interest expensed

                  (43,553,484)

                  (37,245,028)

16.9%

Net mark-up/return/interest income

                     43,437,622

                     43,376,743

0.1%

Provisions against loans and advances - net

                     (6,190,069)

                        (103,188)

5898.8%

Reversal of provision against lendings to financial institutions - net

                           124,118

                               8,260

1402.6%

Provision for diminution in value of investments - net

                     (1,344,757)

                        (209,967)

540.5%

Bad debts written off directly

                        (104,454)

                        (136,637)

-23.6%

                     (7,515,162)

                        (441,532)

Net mark-up/return/interest income after provisions

                     35,922,460

                     42,935,211

-16.3%

Non mark-up/interest income

Fee, commission and brokerage income

                     11,447,163

                     10,470,520

9.3%

Dividend income

                       1,045,814

                       1,031,875

1.4%

Income from dealing in foreign currencies

                       2,843,801

                       1,535,891

85.2%

Gain on sale of securities - net

                       4,793,268

                       4,295,042

11.6%

Unrealized gain of revaluation of investments classified as held for trading

                                        6

                           (20,907)

-100.0%

Other income

                           632,474

                           598,064

5.8%

Total non-mark-up /interest income

                     20,762,526

                     17,910,485

15.9%

                     56,684,986

                     60,845,696

Non mark-up/interest expenses

Administrative expenses

                  (30,733,737)

                  (28,462,966)

8.0%

Other (provisions)/write-offs - net

                        (473,456)

                           (76,173)

521.6%

Workers' Welfare Fund

                        (424,918)

                        (638,724)

-33.5%

Other charges

                           (43,358)

                           (59,039)

-26.6%

Total non-mark-up/interest expenses

                  (31,675,469)

                  (29,236,902)

8.3%

                     25,009,517

                     31,608,794

-20.9%

Share of income/(loss) of associates

                           455,007

                           342,570

32.8%

Profit before taxation

                     25,464,524

                     31,951,364

-20.3%

Extraordinary/unusual item - Accrual in respect of pension liability

                     (8,746,607)

                                      -  

Taxation

                     (7,224,512)

                  (12,498,938)

-42.2%

Profit after taxation

                       9,493,405

                     19,452,426

-51.2%

Earnings per share - basic and diluted (Rupees)

                                  7.96

                               15.81

                 (0.50)